White House Plans to Phase Out Fannie And Freddie

More than two years after the government seized Fannie Mae (FNMA) and Freddie Mac (FMCC), the Obama administration will recommend phasing out the housing-finance giants and gradually reducing the govt’s footprint in the mortgage market, according to people familiar with the matter. The administration is expected to include three options for a post-Fannie and Freddie world when it releases a long-awaited proposal for the future of the nation’s $10.6 trillion mortgage market, which could come as soon as Friday. – The WSJ